However, the index is showing signs of stabilisation around support at 97.700 as the Buck bounces vs G10 and EM rivals ahead of durable goods and a long holiday weekend (Memorial Day in the US, and Spring Bank holiday in the UK).

In terms of the next steps in UK politics, following the leadership contest, a new Tory leader will be elected towards the end of July.

The US Commerce Secretary Wilbur Ross said that “this change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm US industries.” This is likely to add to the US toolkit to deal with trade related scuffles.

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